OILFXPRO's 5 wmas free system

[oilfxpro]

Hi

This version good results This is purely mechanical AND RESULTS CAN BE IMPROVED WITH MANUAL TRADING USING DIVERGENCE INDICATOR,INTEREST RATE BIAS ,SUPPORT AND RESISTANCE AND USE OF WEEKLY AND DAILY CHARTS

5 min charts
euro/usd

Stop 55 take profit 125

Entry:Long positions: Lwma 5 must be greater than lwma 20 , and both lwma 5 and lwma 20 must be greater than lwma 100,and lwma 5,20 and 100 must be greater than lwma 200 , and lwma 5,20,100and 200 must be greater than lwma 400


Short position: opposite set up of long entry

Add a second position if price retraces ie for long price drops 30 pips and for shorts price rises 30 pips

Trailing stop 70

Filter:The above system is presented with a 20 pips filter to entry price .Example if long entry m/a set ups in place at 1.4000 long entry level is 1.4020 and if shorts set up short entry is at 1.3980.Without this filter the m/a systems are losers

Like all strategies manual traders can use their own judgement and get better results.This strategy can be combined with channels and support and resistance on different times frames ie 1 hour ,4 hour and weekly.

Use a Divergence indicator (or chart patterns)for better results
Many indicators tend to imitate the peaks and troughs on the price chart with a series of similar highs and lows. Divergence occurs when the indicator fails to imitate the pattern on the price chart, a sign of trend weakness and likely reversal.

In an up-trend, if price makes a new High (a higher peak than the last) but the indicator fails to do so, that is a bearish divergence.

In a down-trend, if price makes a new Low (a lower trough than the last) but the indicator does not, a bullish divergence occurs.

Stochastics giving a divergence at end of a trend .Some divergence indicators explained with videos.
YouTube - Optimizing Stochastics for Forex and Futures Trading

YouTube - FOREX Price Indicators Can Steer You In The Right Direction

YouTube - 23. How to Trade Stochastics Like the Pro's Do

YouTube - Q&A - What Would Override Stochastics on the Daily Chart?

YouTube - Broadcast Yourself.

YouTube - Broadcast Yourself.


Use any volatility breakout indicator to confirm a trend or any trend confirmation indicator like Waddah attar.Just set up a second chart on 1 m with 10 lwmas or something similiar ie lwma 5,10,20,30,40,50,60,70,80,90 and u have an indicator telling where there is a trend

Use with expected changes in interest rates and the system is likely to perform better


Results posted are mechanical strategy without manual intervention and without using a divergence indicator.Here are some better results for the above strategy


If u see the image it catches trends
OILFXPRO

Hi

One should not confuse this system with the 5EMAS forex system which is a different system.I do not know anything about it except the following U tube video

YouTube - Easy Forex Strategy

OILFXPRO

[oilfxpro]

Hi

Many new traders can benefit from learning from free videos and improve their trading skills to trade this strategy of 5wmas

InformedTrades | Learn Stock, Futures, and Forex Trading - Free Trading Education & Courses

OILFXPRO

[oilfxpro]

Hi

adding a trailing stop improves the mechanical version and profitability improves to over over 300 pips a year

OILFXPRO

[oilfxpro]

Hi

OILFXPRO stated in first post

Use any volatility breakout indicator to confirm a trend or any trend confirmation indicator .

OILFXPRO has now made a free VOLATILITY BREAKOUT INDICATOR called OILFXPRO V B for use with this free system

OILFXPRO

[oilfxpro]

Hi

The 5 wmas helps many newbees to see where the market is going .It is a free method

Just see the image to see how it catches those major trends

OILFXPRO

[oilfxpro]

This system can be used with chart patterns.New traders will find the chart patterns will work more effectively when trading in the direction of the moving averages.

Bulkowski’s Pattern Gateway

Example
Bearish engulfing pattern will work better when moving averages are heading lower , as opposed to when moving averages are heading higher

Major Japanese Candlestick Patterns and Candlestick Images by Stephen W. Bigalow


OILFXPRO

Hi


Here are some chart patterns to look at for free
suriNotes.com, suriNotes, Stock Research, Futures Trading, Emini Trading, Tradestation, Indicators

Most of these chart patterns are freely available on the net

Analyzing Chart Patterns: Conclusion
Incredible Charts: Chart Patterns
Single Line Candlesticks
Bulkowski's Candlestick Patterns

enjoy the free patterns and use them effectively with the 5 wmas system

I hope this helps new traders

Hi

Free downloads

http://www.amerkan.com/Images/candle%20sticks.pdf

http://www.aspenres.com/Documents/pdf/Candlesticks.pdf


OILFXPRO

[oilfxpro]

Hi

This VERSION uses the 3wmas.This version made over 450 pips in last week

OILFXPRO

[oilfxpro]

Hi

Notice how the OILFXPRO V B indicator reading of over 100 shows a trend

OILFXPRO

[bunglungchingdong]

Originally Posted by oilfxpro

Hi

Notice how the OILFXPRO V B indicator reading of over 100 shows a trend

OILFXPRO

Yeah and where is the EA file?

[oilfxpro]

Originally Posted by bunglungchingdong

Yeah and where is the EA file?

Bunglung

There is no E A file at present because the coder did a botch job and it is being rewritten.It is not safe to release the Expert Advisor yet.

The botch job

It would take hellavload of coding to put this system on an expert advisor.All the chart patterns have to be coded ,candlestick patterns have to be coded,complicated multi exit/entry rules(comprising divergence exits entries) have to be coded and no proper programmer is willing to do it for free.

If OILFXPRO gives out a defectively coded expert advisor ,people will post on message boards stating so.We do not want to ruin our reputation by giving out poor quality expert advisors.

This is a good manual system and the only Expert advisor is your super brain!

Some nice tweezer tops today saw us catch the move ,after the 3 wmas was formed.I only use 3 wmas and chart patterns for advanced trading system .All of you can learn the advanced system by reading the links on th this thread


OILFXPRO